国际货币基金组织执行董事会完成特别提款权审议，同意人民币加入特别提款权货币篮子
国际货币基金组织（基金组织）执行董事会今天完成了五年一度的特别提款权货币篮子组成的审议工作。此次执董会审议的一个主要焦点是人民币是否符合现有标准，从而可以被纳入特别提款权货币篮子。执董会决定认为，人民币符合所有现有标准，自2016年10月1日起，人民币被认定为可自由使用货币，并将作为第五种货币，与美元、欧元、日元和英镑，一道构成特别提款权货币篮子。为确保基金组织、基金组织成员以及其它特别提款权使用方有充足时间进行调整以适应新的变化，新的货币篮子将于2016年10月1日正式生效。
执董会会议结束之后，国际货币基金组织总裁拉加德女士表示“执董会关于将人民币纳入特别提款权货币篮子的决定是中国经济融入全球金融体系的一个重要里程碑。它是对中国当局在过去多年来在改革其货币和金融体系方面取得的成就的认可。中国在这一领域的持续推进和深化将推动建立一个更加充满活力的国际货币和金融体系。这又会支持中国和全球经济的发展和稳定”。
特别提款权的价值将由包括美元、欧元、人民币、日元和英镑在内的篮子货币的加权平均值决定。人民币纳入特别提款权货币篮子将使得货币篮子多元化和更能代表全球主要货币，从而有助于提高特别提款权作为储备资产的吸引力。特别提款权的利率将继续由特别提款权篮子货币的货币市场短期金融工具利率的加权平均值确定。特别提款权篮子中所有货币的发行国的当局（目前也包括中国当局）都应维持能便利基金组织及其成员国和特别提款权的其他使用方以其货币开展业务操作的政策框架。执董会讨论的文件将于近期散发。
附.问题与解答
问题1. 什么是特别提款权？
Q1. What is the SDR?
特别提款权是基金组织于1969年创造的一种用于补充成员国官方储备的国际储备资产。特别提款权的价值目前根据由四种主要货币（美元、欧元、日元和英镑）组成的货币篮子确定。2016年10月1日新货币篮子生效后，篮子将扩大，中国的人民币将作为第五种货币加入篮子。
The Special Drawing Right (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. Its value is currently based on a basket of four major currencies (U.S. dollar, euro, Japanese yen, and pound sterling). The basket will be expanded to include the Chinese renminbi (RMB) as the fifth currency, starting on October 1, 2016 once the new basket of currencies takes effect.
基金组织通常根据每个成员国在基金组织的份额，将特别提款权分配给成员国。到目前为止，总共分配了2041亿特别提款权，最近一次分配是在2009年，分配额为1826亿特别提款权。
SDRs are allocated to IMF members from time to time, based on each country’s quota in the Fund. A total of 204.1 billion SDRs have been allocated to date, most recently in 2009 when SDR 182.6 billion was allocated.
特别提款权不是货币，也不是对基金组织的债权，而是对基金组织成员国的可自由使用货币的潜在求偿权。特别提款权的持有方可以通过两种方式以其持有的特别提款权换取这些货币：一是通过成员国之间的自愿交换安排；二是基金组织指定对外状况强健的成员国从对外状况薄弱的成员国购买特别提款权。
The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. Holders of SDRs can obtain these currencies in exchange for their SDRs in two ways: first, through the arrangement of voluntary exchanges between members; and second, by the IMF designating members with strong external positions to purchase SDRs from members with weak external positions.
除了作为补充性储备资产外，特别提款权还是基金组织和其他一些国际组织的记账单位。特别提款权也被用于基金组织与成员国的融资安排。
In addition to its role as a supplementary reserve asset, the SDR serves as the unit of account of the IMF and some other international organizations. It is also used in the IMF’s financing arrangements with its member countries.
问题2. 特别提款权审查通常涵盖哪些方面？
Q2. What does an SDR review typically cover?
执董会通常每五年对特别提款权篮子的构成进行审查，以提高特别提款权作为储备资产的吸引力。审查涵盖特别提款权定值方法的关键要素，力求确保特别提款权的定值反映各货币在全球贸易和金融体系中的相对重要性。这些要素包括：选择特别提款权篮子货币的标准，篮子货币的数目，以及确定货币权重的方法。组成特别提款权利率篮子的金融工具通常也在审查范围之内。
The composition of the SDR basket is typically reviewed every five years by the Executive Board to enhance the attractiveness of the SDR as a reserve asset. These reviews cover the key elements of the method of valuation of the SDR and seek to ensure that the valuation reflects the relative importance of currencies in the global trading and financial system. This includes the criteria used in selecting SDR basket currencies, the number of currencies in the basket, and the methodology for determining currency weights. The financial instruments comprising the SDR interest rate basket are also covered.
在2015年11月结束的审查中，执董会决定，从2016年10月1日起，中国的人民币将被认定为可自由使用货币，并作为除美元、欧元、日元和英镑之外的第五种货币加入特别提款权篮子。另外，修订了权重公式，以解决其长期以来存在的缺陷。
In the review concluded in November 2015, the Executive Board decided that the Chinese renminbi is determined to be a freely usable currency, effective October 1, 2016, and will then be included in the SDR basket as a fifth currency, along with the U.S. dollar, euro, Japanese yen and pound sterling. The weighting formula was also revised to address longstanding shortcomings.
问题3. 加入特别提款权货币篮子的标准是什么？
Q3. What are the criteria for SDR basket inclusion?
目前的加入标准是执董会在2000年批准的。执董会确定，特别提款权篮子由五年期间货物和服务出口价值最大的四个（2016年10月1日起扩大到五个）成员国或货币联盟发行的、并被基金组织认定为“可自由使用”的货币构成。
The current criteria for inclusion were adopted by the IMF’s Executive Board in 2000. They established that the SDR basket comprises the four (expanded to five, effective October 1, 2016) currencies that are issued by members or monetary unions whose exports had the largest value over a five-year period, and have been determined by the IMF to be "freely usable".
出口标准扮演着“门槛”的角色，旨在确保有资格加入篮子的货币是由那些在全球经济中发挥核心作用的成员国或货币联盟发行的。自上世纪70年代以来，该标准一直是特别提款权定值方法的一部分。
The export criterion, which acts as a “gateway,” aims to ensure that currencies that qualify for the basket are those issued by members or monetary unions that play a central role in the global economy. This criterion has been part of the SDR valuation methodology since the 1970s.
2000年，增加了特别提款权篮子中的货币还必须可自由使用这一标准，以使货币选择标准正式体现金融交易的重要性。
The requirement for currencies in the SDR basket to also be freely usable was incorporated in 2000 to allow the currency selection criteria to formally reflect the importance of financial transactions.
执董会在2015年特别提款权审查时采纳的决定再次确认了现有的两项实质性标准（出口和可自由使用），同时将篮子规模从四种货币扩大到五种货币，2016年10月1日生效。执董会作出这一决定是考虑到，由五种货币组成的篮子将更稳定、更具代表性，同时，扩大篮子带来的管理负担是可控的。
The Decision adopted by the Board at the 2015 SDR Review reconfirmed the existing two substantive criteria (exports and freely usable) while expanding the size of the basket from 4 to 5 currencies effective on October 1, 2016. In doing so, the Board considered that a five-currency basket would be both more stable and more representative, while the administrative burden of a larger basket would be manageable.
问题4. 如何定义一种“可自由使用”的货币？
Q4.How do you define a freely usable currency?
根据《基金组织协定》，如果基金组织认定一个成员国的货币事实上广泛用于国际交易支付，并且在主要外汇市场上广泛交易，那么该货币被定义为“可自由使用”货币。
A “freely usable” currency is defined in the IMF’s Articles of Agreement as a member’s currency that the Fund determines is, in fact, widely used to make payments for international transactions, and is widely traded in the principal exchange markets.
可自由使用货币的概念关注货币的实际国际使用和交易，不能等同于某种货币是否自由浮动或完全可兑换。
The concept of a freely usable currency concerns the actual international use and trading of currencies, and is different from whether a currency is either freely floating or fully convertible.
一种货币可以被广泛使用和广泛交易，即使其受到一些资本账户的限制（过去，英镑和日元被认定为可自由使用货币时，仍存在一些资本账户管制）。另一方面，某种完全可兑换的货币未必被广泛使用和广泛交易。
A currency can be widely used and widely traded even if it is subject to some capital account restrictions (in the past, currencies such as the pound sterling and Japanese yen were determined freely usable when some capital account restrictions were in place). On the other hand, a currency that is fully convertible may not necessarily be widely used and widely traded.
可自由使用的概念在基金组织的资金操作中起着核心作用。具体而言，接受基金组织资金援助的成员国有权得到以可自由使用货币提供的这种援助。的确，基金组织的贷款业务实际上是通过可自由使用货币或特别提款权来进行的。在使用特别提款权的情况下，借款国有权将特别提款权兑换成可自由使用货币。在资金操作中，可自由使用的概念旨在确保成员国能够直接或间接地（不受损失地兑换成另一种货币）利用从基金组织获得的货币来满足国际收支融资需求。
The freely usable concept plays a central role in the IMF’s financial operations. In particular, members receiving Fund financial assistance have the right to receive such assistance in a freely usable currency. Indeed, IMF lending operations are, in practice, conducted in freely usable currencies or SDRs, and in the latter case, borrowing members have the right to exchange SDRs into freely usable currencies. In the financial operations context, the freely usable concept seeks to ensure that a member can use the currency received from the IMF either directly or indirectly (by exchanging it into another currency without disadvantage) to address a balance of payments financing need.
问题5. 2015年特别提款权审查的重点和结果是什么？
Q5. What was the focus and outcome of the 2015 SDR review?
基金组织最近结束了对特别提款权货币篮子五年一度的审查。鉴于中国继续符合加入特别提款权篮子的出口标准，审查的重点是评估人民币是否符合加入特别提款权篮子的另一项标准，即能否被认定为一种可自由使用货币。为判断一种货币是否符合该标准，执董会必须确定该货币事实上被广泛用于国际交易支付并在主要外汇市场上广泛交易。
The IMF recently concluded the quinquennial review of the SDR currency basket. As China continues to meet the export criterion for SDR inclusion, the review focused on assessing whether the Chinese renminbi (RMB) could be determined to be a freely usable currency, which is the other criterion for inclusion in the basket. This criterion requires an Executive Board determination that the currency is, in fact, widely used to make payments for international transactions and widely traded in the principal exchange markets.
执董会在2015年11月30的会议上决定，从2016年10月1日起，中国的人民币将被认定为可自由使用货币，并作为除美元、欧元、日元和英镑之外的第五种货币加入特别提款权篮子。另外，根据新的权重公式对特别提款权篮子中各货币的权重作了调整，新公式是基于发行国的出口价值、基金组织其他成员国持有的以各篮子货币计值的储备数额、外汇市场交投总额以及以各篮子货币计值的国际银行负债和国际债务证券。
The Executive Board at its meeting on November 30, 2015 decided that, effective October 1, 2016, the Chinese renminbi is determined to be a freely usable currency and will be included in the SDR basket, as a fifth currency, along with the U.S. dollar, euro, Japanese yen and pound sterling. The weights of the currencies in the SDR basket were also revised in line with a new weighting formula based on the value of the issuers’ exports, the amount of reserves denominated in the respective currencies that were held by other members of the IMF, foreign exchange turnover, and international bank liabilities and international debt securities denominated in the respective currencies.
问题6. 基金组织工作人员为什么建议将人民币纳入特别提款权货币篮子？
Q6. Why did the IMF staff recommend the inclusion of the Chinese renminbi into the SDR basket of currencies?
国际使用和交易增加。自2010年上次特别提款权审查以来，人民币在国际支付中的使用已显著增加。此外，在三个主要交易时区中，覆盖两个时区的外汇市场上的人民币交易已大幅增加，能够满足基金组织业务涉及的交易规模。在工作人员看来，这为认定人民币在国际交易支付中“广泛使用”及在主要外汇市场上“广泛交易”提供了依据。
Increasing international use and trading. Since the last SDR review in 2010, the use of the Chinese renminbi (RMB) in international payments has risen substantially. In addition, RMB activity in foreign exchange markets covering two of the three major trading time zones has increased significantly and can accommodate transactions of the magnitude involved in IMF operations. This provided, in the judgment of staff, a basis for the RMB to be considered “widely used” to make payments for international transactions and “widely traded” in the principal exchange markets.
操作要求。尽管操作问题并不是将一种货币纳入特别提款权篮子的正式要求，但工作人员认为，基金组织及其成员国和特别提款权的其他使用方目前能够在无重大阻碍的情况下开展人民币操作，这意味着，可以合理地确信，基金组织相关业务可以平稳运作。这是中国当局近期实施的改革（主要是决定向官方储备管理者及其代理全面开放在岸固定收益和外汇市场）的直接结果。中国当局还采取了关键的改革措施来推进更广泛的改革议程，支持人民币的国际使用并增强宏观金融稳定，例如，完全放开国内利率，采取步骤提高汇率的市场化决定程度，以及实施新的跨境银行间支付系统。
Operational considerations. While operational issues are not formal requirements for SDR inclusion, staff’s assessment that the IMF, its members, and other SDR users are now able to conduct operations in RMB without substantial impediments means there are reasonable assurances that IMF related operations can be conducted smoothly. This is the direct result of recent reforms implemented by the authorities, principally their decision to grant full access for official reserve managers and their agents to the onshore fixed-income and foreign exchange markets. The authorities have also undertaken key reforms to advance their broader agenda to support the international use of the RMB and strengthen macro-financial stability, such as full liberalization of domestic interest rates, steps toward a more market-determined exchange rate, and implementation of a new cross-border interbank payment system.
加强数据披露的补充步骤。尽管数据披露并不是将一种货币纳入特别提款权篮子的正式标准，但篮子货币的发行国通常符合透明度方面的高标准。中国当局最近已采取十分可喜的步骤，扩大数据披露并增强对多边数据倡议的承诺。
Complementary steps to enhance data disclosure. While data disclosure is not a formal criterion for a currency’s inclusion in the SDR basket, issuers of these currencies generally meet high transparency standards. The authorities have recently taken very welcome steps to increase data disclosure and enhance their commitment to multilateral data initiatives.
问题7. 执董会为什么支持将中国的人民币纳入特别提款权篮子？
Q7. Why did the Board support the inclusion of the Chinese renminbi in the SDR basket?
基金组织执董会负责决定人民币是否应被认定为可自由使用货币并被纳入特别提款权篮子。由于没有事先设定的门槛或基准，这项决定最终需要执董会根据《基金组织协定》的“可自由使用”定义及各项量化指标作出政策判断。
The decision on whether the RMB should be determined a freely usable currency and included in the SDR basket rested with the IMF’s Executive Board. Since there are no pre-set thresholds or benchmarks, the decision ultimately required policy judgment by the Executive Board, framed by the definition of freely usable under the IMF’s Articles of Agreement and informed by quantitative indicators.
工作人员撰写的报告提供了严格的技术评估和明确的建议，供执董们参考。
The report prepared by staff provided a rigorous technical assessment with a clear recommendation in order to inform Executive Directors.
执董会同意工作人员的分析和建议，认定中国的人民币可自由使用，并将其作为除美元、欧元、日元和英镑外的第五种货币纳入特别提款权篮子，2016年10月1日生效。
The Board endorsed staff’s analysis and recommendation to determine the Chinese renminbi freely usable and include it in the SDR basket, as a fifth currency, along with the U.S. dollar, euro, Japanese yen and pound sterling, effective October 1, 2016.
问题8. 人民币何时被正式纳入特别提款权篮子？
Q8. When will the Chinese renminbi be officially included into the SDR basket?
包含人民币在内的新货币篮子将于2016年10月1日生效。
The new basket including the Chinese renminbi will take effect on October 1, 2016.
问题9. 为什么人民币在2016年10月1日才成为可自由使用货币？
Q9. Why will the Chinese renminbi only become freely usable on October 1, 2016?
人民币已经达到被认定为可自由使用货币并纳入特别提款权篮子的所有条件和操作要求。然而，如果基金组织对可自由使用货币的认定从审查结束之日（2015年11月30日）生效，那么在基金组织资金交易中，就可以立即将人民币作为可自由使用货币来使用，而基金组织及其成员国此时从操作角度看尚未做好准备。推迟将人民币正式纳入特别提款权篮子也能使特别提款权的使用方有时间调整其业务。因此，基金组织认定人民币为可自由使用货币并将其纳入特别提款权篮子仅在2016年10月1日才生效。
The Chinese renminbi (RMB) has met all conditions and operational requirements for being determined freely usable and to be added in the SDR basket. However, if the Fund’s determination of free usability was to become effective as of the date of the review (November 30, 2015), it would allow the immediate use of the RMB as a freely usable currency in Fund financial transactions, when the Fund and its members are not yet operationally ready. The delayed inclusion of the RMB in the SDR basket also allows SDR users time to adjust their operations. Therefore, the Fund’s determination of the RMB as a freely usable currency and the RMB’s inclusion in the SDR basket will only come into effect on October 1, 2016.
问题10. 为什么修改权重公式？主要变化是什么？
Q10. Why has the weighting formula been changed and what are the major changes?
执董会长期以来一直认识到决定特别提款权篮子货币权重的旧有方法存在缺陷，特别是金融变量的权重相对较低、范围相对较窄，并且流量（出口）和存量（储备）的加权有内生性。
The Executive Board has long recognized the shortcomings of the previous method for determining currency weights in the SDR basket, in particular, the relatively low weight and narrow scope of financial variables, and the endogenous weighting of flows (exports) and stocks (reserves).
执董会批准的新公式是2010年审议提出的两个备选方案之一。新公式提高了金融变量的比重和代表性，并克服了旧公式的内生权重问题。在新公式中，出口和金融变量具有相同的权重，并且，金融指标的范围得以扩大，以更好地反映不同的金融交易。
The new formula endorsed by the Board is one of the two alternatives presented in the 2010 Review and expands the share and representativeness of the financial variables and moves away from the endogenous weights implied by the old formula. In the new formula, exports and the financial variable are given equal weight and the coverage of the financial indicator has been expanded to better capture different financial transactions.
问题11. 新的特别提款权篮子中每种货币的权重是多少？
Q11. What are the new weights of each currency in the SDR basket?
根据新公式，特别提款权篮子中各货币的权重分别是：美元41.73%，欧元30.93%，中国人民币10.92%，日元8.33%，英镑8.09%。该货币篮子将于2016年10月1日生效。
Under the new formula, the respective weights of the SDR currencies are: 41.73% for the U.S. dollar; 30.93% for euro; 10.92% for the Chinese renminbi; 8.33% for the Japanese yen; and 8.09% for the pound sterling. This basket of currencies will take effect on October 1, 2016.
2016年9月30日，将使用这些权重确定特别提款权篮子货币的新的固定数量。此后任何一天每种货币在特别提款权价值中所占比重将取决于当天的汇率。
After these weights are used on September 30, 2016 to establish the new fixed amounts of currencies that comprise the SDR basket, the share of each currency in the valuation of the SDR on any particular day going forward will depend on the exchange rates prevailing on that day.
问题12. 人民币加入特别提款权篮子后，对特别提款权本身和对基金组织的业务操作有什么影响？
Q12. What are the implications of the inclusion of the RMB into the SDR basket for the SDR itself and for the IMF operations?
自1980年特别提款权篮子的规模从16种货币缩小到5种货币（1999年，欧元取代了德国马克和法国法郎）以来，人民币的加入是特别提款权篮子构成的首次重大变化。
The inclusion of the Chinese renminbi (RMB) is the first major change to the SDR basket composition since 1980 when the basket size was reduced from 16 to 5 currencies (also, in 1999, the euro replaced the Deutsche mark and the French franc).
人民币的加入将提高特别提款权作为国际储备资产的吸引力，使特别提款权篮子更加多元化，使篮子构成更能代表世界主要货币。
The RMB’s inclusion will enhance the attractiveness of the SDR as an international reserve asset. It diversifies the basket and makes its composition more representative of the world’s major currencies.
从操作角度看，将人民币纳入特别提款权篮子意味着，在计算特别提款权利率时，将纳入一项人民币工具，另外，中国与基金组织之间的货币兑换程序也将有所变化。这还会影响未来基金组织交易的开展，这些交易将可以用人民币进行，因为人民币从2016年10月1日起将被认定为可自由使用货币。
Operationally, the inclusion of the RMB into the SDR basket means that an RMB instrument will be included in the calculation of the SDR interest rate, along with changes to the procedures for exchange of currency between China and the Fund. It will also impact the conduct of future Fund transactions which can be carried out in RMB once the determination of the RMB as a freely usable currency becomes effective on October 1, 2016.
问题13. 人民币的加入将对全球货币体系和总体金融体系产生什么影响？
Q13. How will the Chinese renminbi’s inclusion impact the global monetary system and the financial system in general?
从更广泛的角度看，可以将人民币加入特别提款权货币篮子视作中国与全球金融体系融合过程中的一个重要里程碑。它也对中国的持续改革进程起到确认和强化作用。
Put into a broader context, the inclusion of the Chinese renminbi (RMB) in the SDR basket could be seen as an important milestone in the process of China’s global financial integration. It also recognizes and reinforces China’s continuing reform progress.
随着这种融合过程继续推进并不断深化，并且其他新兴市场经济体在这方面也取得进展，国际货币和金融体系将得到增强，这进而将支持全球经济增长和稳定。
As this integration continues and further deepens, and is paralleled in other emerging market economies, it could bring about a more robust international monetary and financial system, which in turn would support the growth and stability of the global economy.
人民币的加入还将提高特别提款权作为国际储备资产的吸引力，因为特别提款权篮子将更加多元化，篮子构成将更能代表世界主要货币。
The RMB’s inclusion will also enhance the attractiveness of the SDR as an international reserve asset, as it diversifies the basket and makes its composition more representative of the world’s major currencies.
问题14. 人民币加入特别提款权篮子后，对人民币、对中国有什么影响？
Q14. What are the implications of the inclusion of the Chinese renminbi into the SDR basket of currencies for the renminbi and for China?
将人民币纳入特别提款权篮子是对以下事实的认可：近年来，随着中国实施政策改革以转向更加开放的市场化经济，人民币的国际化程度显著提高。
The inclusion recognizes a significant increase in the internationalization of the Chinese renminbi (RMB) in recent years, underpinned by policy reforms to achieve China’s transition to an increasingly open and market-based economy.
人民币加入特别提款权篮子还将对人民币已经不断增加的国际使用和交易起到支持作用。
Inclusion in the basket will also support the already increasing use and trading of the RMB internationally.
问题15. 人民币加入特别提款权利率篮子后，对特别提款权利率有何影响？
Q15. What are the implications of the RMB’s inclusion in the SDR interest rate basket?
人民币将于2016年10月1日被纳入特别提款权篮子，对特别提款权利率的影响将取决于当时的利率。这种影响是不确定的。不过，由于中国的利率目前高于特别提款权利率篮子中的其他货币的利率，当人民币被纳入篮子时，特别提款权利率可能会上升。
The RMB will be added to the basket on October 1, 2016, and its impact on the SDR interest rate will depend on the rates prevailing at that time. This effect is uncertain; nevertheless, since the interest rates in China are currently above the other rates in the SDR interest rate basket, it is likely that the SDR interest rate would rise when the RMB is included in the basket.（完）
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